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The Inland Revenue Authority of Singapore under Ministry of Finance (Singapore) is in charge of tax collection. The latest amendment bill is still being made as of March 2016. [1] Under Section 95 of the ITA, convicted taxpayers are subjected to a penalty of up to 200% of the amount of tax undercharged in cases of incorrect tax returns.
IRAS collected S$47 billion in tax revenue in FY2016/17. [7] Tax arrears remained low at 0.68% of net tax assessed and cost of collection was also kept low at 0.84 cents for every dollar collected. In FY2016/17, IRAS uncovered 10,626 non-compliant cases and recovered about $332 million in taxes and penalties through rigorous audits and ...
Any income arising from sources outside Singapore and received in Singapore on or after 1 January 2004 by an individual (other than partners of a partnership) is exempt from tax. This system has the potential to allow for tax avoidance practiced by individuals who derive income from abroad, gain tax exemptions via their non-resident status ...
President Donald Trump has tasked his Cabinet with coming up with a plan for a sovereign wealth fund. Such funds have grown enormously and usually manage surpluses, while the US runs a huge deficit.
Income Insurance Limited, commonly known as Income and previously also known as NTUC Income, is a composite insurer based in Singapore, offering life, health and general insurance. Initially founded as a cooperative in 1970 under the National Trades Union Congress (NTUC), it was restructured as a public non-listed company limited by shares in ...
A common conversion is a refusal to surrender possession of the chattel to one who is entitled to it. Normally, this is judged to be a sufficiently serious interference with the plaintiff's right of control. [110] If the detention is small or not deemed to be serious, it will not be considered a conversion.
Operation Tiderace was the codename of the British plan to retake Singapore following the Japanese surrender in 1945. [4] The liberation force was led by Lord Louis Mountbatten, Supreme Allied Commander of South East Asia Command.
Insurance companies of Singapore (5 P) This page was last edited on 12 January 2020, at 04:52 (UTC). Text is available under the Creative Commons Attribution ...